The New Zealand Dollar exchange rate was trading in the region of 0.8433 against the US Dollar as of 09:57 am
The positive economic data for New Zealand continued over the weekend as a report revealed a faster rate of expansion than expected in the nation’s service industries.
With the South Pacific nation showing real economic improvement in a variety of sectors the New Zealand Dollar has posted significant gains in recent weeks, notably hitting a 2 ½ year high against its Australian counterpart.
And some industry experts believe that additional, and potentially lasting, advances in the ‘Kiwi’ are on the horizon.
As a market strategist with Westpac Banking asserts: ‘The world is waking up to the good economic fortunes of New Zealand where they ignored or dismissed it last year. That could push them into taking a long position in the Kiwi’.
If investors continue to show their confidence in the nation’s economic growth, interest rates could be hiked in the near future.
However, although the ‘Kiwi’ continued to trade in the region of last week’s 2 ½ year high against the ‘Aussie’ and achieved a gain of 0.4 per cent against the Japanese Yen in the aftermath of the G-20 meeting, further movement was limited by lacklustre Chinese data.
A report showed that retail sales figures for China, the world’s second largest economy and one of New Zealand’s main trading partners, increased at the slowest pace since 2009 during the recent seven day Lunar New Year festival.
But with experts viewing this disappointing result as a temporary blip, the New Zealand Dollar is not likely to be weighed down for long.
As Frost & Sullivan analyst Leon Zhao commented: ‘The slower growth, manifested in the restaurant business, was partly a result of the government crackdown on corruption and the anti-waste campaign. We expect overall retail sales and consumption to rise again along with the improving economy in the second and third quarters.’
Prior to tomorrow’s release of Reserve Bank of Australia policy minutes the ‘Kiwi’ recorded gains against the Euro, British Pound, US Dollar and Yen.
Current New Zealand Dollar Exchange Rates
The New Zealand Dollar to Euro exchange rate is currently trading at 0.6325
The New Zealand Dollar to Pound Sterling exchange rate is currently trading at 0.5455
The New Zealand Dollar to US Dollar exchange rate is currently trading at 0.8433
The New Zealand Dollar to Australian Dollar exchange rate is currently trading at 0.8207
The New Zealand Dollar to Canadian Dollar exchange rate is currently trading at 0.8497
The New Zealand Dollar to Emirati Dirham exchange rate is currently trading at 3.1254
The New Zealand Dollar to Swiss Franc is currently trading at 0.7787
The New Zealand Dollar to Japanese Yen exchange rate is currently trading at 79.3649
These exchange rates were correct as of 09:57 am
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